Re-engineering the Credit Approval Process. Presented by: Nancy Hasey-Ross Date: October 5, 2011

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1 Re-engineering the Credit Approval Process Presented by: Nancy Hasey-Ross Date: October 5,

2 Agenda Credit life cycle assessment Opportunities for credit re-engineering Key accomplishments of credit re-engineering efforts Challenges and lessons learned 2

3 Key Cornerstones of Credit Re-engineering Strong governance to support ever increasing credit risk inquiries from growing number of stakeholders on a more timely basis Better credit exposure management and control in a volatile economic climate Global framework to address regulatory mandates and adhere to capital rules 3

4 Credit Life Cycle Assessment Manage & Control Process Dimensions Analyze Analyze Counterparty Evaluation Concentration Assessment Trend Analysis Electronic Data Feeds Approve Electronic Signatures Automated Workflow Rules-Based Limit Generation Monitor Counterparty Country Industry Dimensions Product Business Unit Approve Aggregate Flexible Aggregation Approaches Multi-Metric Methodologies Credit Mitigating Benefits Monitor Dashboard Reporting Drill-Down Capability Warnings & Alerts Exception Management Manage & Control Aggregate Process Exception Resolution Reallocation Audit Controls Policy Guideline Checks Role Based Security 4

5 Opportunities and Key Accomplishments of Credit Re-engineering Approvals and Surveillance Opportunities Expand credit risk monitoring and limit setting beyond legal entity and product levels Facilitate cross-product and cross-divisional credit views to encourage more efficient use of limits Tighten risk controls through rules, warnings, alerts, reports, and audit trail functionality Increase automation of low-risk approval processes Accomplishments In March 2011, rolled out globally to 250 users including credit functions in Global Markets, Securities Finance, ERM and internationally including Germany, Asia Pacific, and London. Limited use in Luxembourg. Provided flexible concentration limit setting and in process of building comprehensive risk analytics for counterparty legal entity, counterparty product, and country Introduced risk-sensitive approval processes, allowing business and risk managers to focus on higher risk credit decisions Implemented workflow rules, approval audit trail, and exception reports to tighten controls 5

6 Opportunities and Key Accomplishments of Credit Re-engineering Data Quality Opportunities Deliver credit decision makers with cleaner, more highly integrated credit data Reduce manual data entry and minimize data duplication across systems Centralize a standard limit and exposure dataset that also supports custom and local reporting views Accomplishments Improved credit decision making capabilities by increasing access to critical credit data Established master list of all limits for all credit products across all counterparties Automated synchronization with various source systems to ensure approved limits are up-to-date across the enterprise Strengthened underlying data quality for enhanced credit and capital reporting 6

7 Opportunities and Key Accomplishments of Credit Re-engineering Efficiency Opportunities Standardize workflows to improve approval process efficiency across all products and counterparties Realize significant business value from prior regulatory infrastructure investment Accomplishments Leveraged Basel infrastructure for counterparty, exposure and PD rating information to serve as data foundation supporting enterprise-wide limit monitoring processes Facilitated stronger communication and collaboration across business units and international sites Created an enterprise-wide platform to automate credit approval and exposure monitoring Eliminated redundant data entry points and reduced operational overhead to approve and administer limits 7

8 Moving from Regulatory Compliance to Business Value Basel Infrastructure Credit Platform Operational Systems Risk Management System Limit Management System Fund Accounting Global Markets Securities Finance PD Tools Counterparty details Counterparty, Country, and Product Aggregation Limit Utilization Exceptions and Alerts Reporting Banking Systems Counterparty Workflow Treasury Systems Credit Approval Workflow Dashboards Loan Operations Exposures Approved Limits Aggregate Local Custody Systems 8

9 Moving from Regulatory Compliance to Business Value Creates more risk-sensitive credit processes leveraging Basel framework Improves credit decision making by providing more complete, easily accessible information Delivers automated approach for reconciliation of limits back to the operational source systems Strengthens underlying data quality and enhanced credit and capital reporting Enables advanced analytics and improved capital allocation Facilitates stronger communication and collaboration across business units and international sites 9

10 Global View of Credit Risk Provides concentration limit setting and risk analytics for counterparty legal entity, counterparty product, and country Promotes a global view of limits and exposures across internal legal organization hierarchy, product groups and industries Supports global stakeholder base Localized requirements: reports and exposure calculations Workflow modification to support unique approval chains Multicurrency for non-u.s. businesses Time zone differences Promotes effective use of capital using limit data 10

11 Counterparty Legal Entity and Product Limits Counterparty Information Legal Entity and Group Exposure Counterparty Exposure Trend Counterparty Hierarchy 11

12 Counterparty Legal Entity and Product Limits continued All product exposures and limits for the counterparty 12

13 Country Limit Structure Limits are set on a country size and risk specific basis from both a top-down perspective tied to SSB s capital base and a bottom-up perspective that reflects business appetite. 13

14 Country Exposure Report by Product 14

15 State Street Legal Entity Views State Street Corp SSB Luxembourg SSB GmbH State Street Bank Luxembourg and State Street Bank GmbH are separate legal entities which are part of the State Street Corporation hierarchy Each of these legal entities must monitor its limits and exposures in accordance with its regulators Reports should display limits and exposures from the perspective of State Street Bank GmbH, State Street Bank Luxembourg, and State Street Corporation 15

16 State Street Legal Entity Views Reporting should adjust to different legal entity views State Street corporation product exposure is $20 SSB GmbH product exposure is $30 State Street Corp SSB Luxembourg ABC Bank $10 SSB GmbH $20 16

17 Capital Allocation Optimization (In $ Billions) Ability to charge for unused limits Increased communication across lines of business Reallocation across business units 0.0 Global Services Global Markets Global Advisors Global Treasury Credit Credit Allocated 17

18 Credit Approval Workflow Creation Approval Monitoring Revision Product, legal entity and group limit creation Shared Limits Manages each user s request Tracks progress of each request Approvals required for every request Multiple levels of approvals Segregation of who can create a request and who can approve Displays approval pipeline for each approver Exposure utilization against limits Creates warnings for breaches Limits and exposures are managed at the lowest level, and aggregated across various dimensions Renew single or multiple limits Extend renewal dates Create a temporary limit Cancel a limit Accelerated limit renewals for low-risk FX pre-settlement Reallocation 18

19 Productivity Features of New Credit Approval Process Replacement of outdated, inflexible, decentralized systems and spreadsheets Introduction of new risk-sensitive processes Advanced limit setting functionality Efficiency can include numerous counterparties in a single request Tabbed browsing enables multitasking across workflow, reports, and data maintenance One source fits all limits, exposure, and reference data in one place Collaboration among business units who can view all counterparty product limits and exposure Reduction in manual entry leads to increased accuracy Business Unit Proposes Limit Analyst Performs Analysis ERM Approver Approves Limit Limit Live in LMS 19

20 Limit Management System Workflow 20

21 Control Features of New Credit Approval Process Enhanced audit and tracking Approval record documenting all participants and their actions in a credit approval request Workflow metrics to determine bottlenecks, identify process improvements and optimize resource allocation Improved risk controls such as rules and alerts to ensure adherence to policy guidelines Signature authorities Delegation of signoff authority Auto escalation of policy breaches Triggers to initiate data cleanup or ratings updates Independent risk data evaluation ERM is not reliant upon business units for data Conditional approvals to enable business with controlled follow up on mitigation 21

22 Approval Record 22

23 Features of New Exception Management Process Ability to actively manage and monitor limits and concentrations Enterprise Risk Management oversight Monitoring capabilities Dashboard reporting across business and product groups Utilization level parameters Drill-down capability Warnings and alerts Resolution capabilities Reallocation Temporary Increase/Decrease Permanent Increase Conditions and tracking 23

24 Warning Level Report 24

25 Challenges and Lessons Learned Field of Dreams syndrome Reconcilement between corporate and international site requirements Importance of data quality Governance of exposure calculations Focus on Change Management and strong user support Credit policy changes based on the capabilities and power of the new limit management system Importance of design considerations for maintaining complex limit aggregation points verses inherent business value 25

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